Global Prairie sues ag tech firm FarmLink for loan default
January 5, 2017 | Bobby Burch
Kansas City-based marketing firm Global Prairie has filed suit against a local ag tech firm for defaulting on a loan, according to a document that was filed Nov. 14 in Jackson County Court.
In the document, Global Prairie alleged that Kansas City-based FarmLink failed to fulfill payments on a promissory note in the amount of $568,390 plus interest. A promissory note is a financial tool used to put the terms of a loan in writing and contains a written promise to pay a stated sum on a specific date.
FarmLink — whose website is now inoperable — offers a suite of tech services for farmers, including its analytics platform TrueHarvest and machinery sharing platform MachineryLink Sharing.
Led by CEO Ron LeMay, the company has raised about $77 million in capital. LeMay is also the managing director of OpenAir Equity Partners, which is a top investor in FarmLink.
FarmLink in February announced that it would split its company into two businesses, FarmLink and MachineryLink Solutions. The court filing includes two other affiliate organizations: FarmLink LLC and FarmLink Analytics.
Anne St. Peter founded Global Prairie in 2008. The firm has since opened offices in Chicago, Cleveland, Denver, Fort Worth, Washington, D.C., Berlin and Brussels.
“This is a legal matter and we intend to limit any comments to our court filings,” said Greg Wolf, an attorney at Dentons that’s representing Global Prairie.
FarmLink has not yet responded to request for comment. The ag tech firm was selected by Startland News as one of Kansas City’s top 10 startups to watch in 2016.
Featured Business
2017 Startups to Watch
stats here
Related Posts on Startland News
How one veteran’s early struggles with soft skills inspired tech to boost a new generation
Editor’s note: The following story was produced through a paid partnership with MOSourceLink, which boasts a mission to help entrepreneurs and small businesses across the state of Missouri grow and succeed by providing free, easy access to the help they need — when they need it. ST. LOUIS — Gavin Pringle knows firsthand the struggles…
Accessibility platform AskSAMIE expands to 500+ partners thanks to national homecare deals
A pair of significant new partnerships not only allow Kansas City-based AskSAMIE to expand its national reach, said Dr. Brandy Archie; the deals put her startup a pivotal moment in its mission to deliver on-demand support to seniors and their caregivers. Working with homecare organizations ComForCare/At Your Side and CarePatrol will push AskSAMIE — a…
Stripping Missouri’s supplier diversity goals stifles state’s prosperity potential, says women’s business advocate
Ending nearly a decade of benchmarks that helped ensure greater equity in state contracts for businesses owned by minorities and women is a move in the wrong direction for Missouri, said Jennifer Brungardt, emphasizing the coming impact of lost opportunities for underrepresented entrepreneurs. “Diversity and economic growth will be stifled without proper support from our…
Capital connector’s message to women: Your investor pool isn’t just sharks; dive in and learn to swim
When it comes to navigating the waters of capital and equity, Women’s Capital Connection angel investment network and the Women’s Business Center serve as a guide to both entrepreneurs and investors, Kelly Sievers shared. “All the education that we do and all the connections that we make, I would say that’s really the key,” explained…